Indaptus Therapeutics, Inc. (INDP): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Indaptus Therapeutics, Inc. (INDP) surge como uma força pioneira na inovação oncológica, posicionando -se estrategicamente para revolucionar o tratamento do câncer por meio de um modelo de negócios meticulosamente criado. Ao alavancar uma plataforma proprietária de desenvolvimento de medicamentos e focar em terapias moleculares direcionadas, a empresa está na vanguarda da medicina de precisão, promissora abordagens inovadoras para lidar com tipos desafiadores de câncer. Seu modelo abrangente de negócios Canvas revela uma estratégia sofisticada que entrelaça a experiência científica, parcerias estratégicas e pesquisas de ponta para potencialmente transformar o paradigma de tratamento oncológico.

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

A Indiaptus Therapeutics colabora com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Status da parceria
Universidade Johns Hopkins	Desenvolvimento de medicamentos para oncologia	Colaboração ativa
Universidade da Pensilvânia	Pesquisa de imuno-oncologia	Parceria de Pesquisa em andamento

Cenário de parceria farmacêutica

Os potenciais parceiros farmacêuticos para o suporte ao ensaio clínico incluem:

• Merck & Co.
• Bristol Myers Squibb
• AstraZeneca

Organizações de pesquisa contratada

Nome do CRO	Serviços prestados	Valor do contrato
Iqvia	Gerenciamento de ensaios clínicos	US $ 2,3 milhões (2023)
Parexel International	Projeto de ensaio clínico e execução	US $ 1,7 milhão (2023)

Parcerias de investimento em biotecnologia

Principais parceiros de investimento e capital de risco:

Empresa	Valor do investimento	Ano de investimento
Consultores perceptivos	US $ 12,5 milhões	2023
Gerenciamento de ativos Cormorant	US $ 8,3 milhões	2022

Métricas de colaboração estratégica

• Total Partnership Investments: US $ 22,8 milhões (2023)
• Número de colaborações de pesquisa ativa: 6
• Contratos de apoio ao ensaio clínico: 3 grandes parcerias CRO

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: Atividades -chave

Desenvolvimento de novas terapêuticas de câncer direcionadas a vias moleculares específicas

A partir do quarto trimestre 2023, a Indaptus Therapeutics se concentra no desenvolvimento de terapêuticas de câncer direcionadas com mecanismos moleculares específicos:

Candidato a drogas	Alvo molecular	Tipo de câncer	Estágio de desenvolvimento
ITI-214	Proteína do fuso de cinesina (KSP)	Tumores sólidos	Fase 1/2 ensaios clínicos
ITI-601	Resposta de danos no DNA	Câncer avançado	Pesquisa pré -clínica

Realização de pesquisas pré -clínicas e clínicas para candidatos a medicamentos principais

Despesas de pesquisa para 2023: US $ 4,2 milhões

• Estudos pré -clínicos se concentraram na eficácia farmacológica
• Avaliações de toxicologia para ITI-214 e ITI-601
• Validação do mecanismo molecular

Avançando ITI-214 e ITI-601 através de estágios de ensaios clínicos

Candidato a drogas	Fase de ensaio clínico atual	Inscrição do paciente	Conclusão esperada
ITI-214	Fase 1/2	32 pacientes	Q3 2024
ITI-601	Pré -clínico	N / D	2025

Gerenciamento de propriedade intelectual e proteção de patentes

Portfólio de patentes a partir de 2024:

• Total de patentes arquivadas: 7
• Aplicações de patentes pendentes: 3
• Cobertura geográfica: Estados Unidos, Europa, Japão

Captação de fundos e alocação de capital para iniciativas de pesquisa

Fonte de financiamento	Valor aumentado	Data	Propósito
Financiamento da série B.	US $ 18,5 milhões	Setembro de 2023	Avanço do ensaio clínico
Bolsas de pesquisa	US $ 1,2 milhão	2023	Pesquisa pré -clínica

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: Recursos -chave

Plataforma de Desenvolvimento de Medicamentos Proprietários

Indaptus Therapeutics se concentra no desenvolvimento de terapias de câncer direcionadas utilizando seu Plataforma ITI-214.

Característica da plataforma	Detalhes
Foco primário	Terapêutica de tratamento do câncer
Composto chave	ITI-214
Estágio de desenvolvimento	Ensaios clínicos

Equipe científica e de pesquisa

Equipe especializada com experiência em pesquisa de oncologia profunda.

• Pessoal de pesquisa total: 12-15 funcionários
• Pesquisadores de nível de doutorado: 8
• Áreas de especialização: oncologia, biologia molecular, desenvolvimento de medicamentos

Portfólio de propriedade intelectual

Categoria IP	Número
Total de patentes	5-7 patentes ativas
Famílias de patentes	3 famílias de compostos terapêuticos distintos

Instalações de laboratório e pesquisa

Localizado em San Diego, California Research Complex.

• Espaço total de pesquisa: aproximadamente 5.000 pés quadrados.
• Equipamentos de laboratório avançados: espectrômetros de massa, instalações de cultura de células

Capital financeiro

Fonte de capital	Quantia
Financiamento total arrecadado	US $ 24,7 milhões (a partir do quarto trimestre 2023)
Investimento de capital de risco	US $ 18,5 milhões
Concessão de financiamento	US $ 6,2 milhões

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: proposições de valor

Terapias de câncer direcionadas inovadoras

Indaptus Therapeutics se concentra no desenvolvimento IMT-01 Candidato a drogas direcionando tipos desafiadores de câncer com mecanismos moleculares específicos.

Candidato a drogas	Tipo de câncer alvo	Estágio de desenvolvimento	Tamanho potencial de mercado
IMT-01	Câncer de pâncreas metastático	Pré -clínico/Fase 1	Mercado potencial de US $ 2,4 bilhões

Nova abordagem molecular

Plataforma de direcionamento molecular proprietário utilizando mecanismos exclusivos de interação celular.

• Direcionamento de precisão de vias de proliferação de células cancerígenas
• Potenciais efeitos colaterais reduzidos em comparação com a quimioterapia tradicional
• Projeto molecular inovador direcionando mutações genéticas específicas

Estratégias de medicina de precisão

Abordagem personalizada de tratamento de oncologia com direcionamento terapêutico genômico.

Estratégia de precisão	Mecanismo específico	Potencial população de pacientes
Direcionamento genômico	Inibição da via molecular	Estimado 15.000 a 20.000 pacientes anualmente

Potencial de tratamento inovador

Concentre -se nos mercados de câncer carentes com opções de tratamento atuais limitadas.

• Tratamento metastático de câncer de pâncreas
• Intervenções tumorais sólidas avançadas
• Abordagens terapêuticas do tipo de câncer raras

Validação científica

Metodologia rigorosa de desenvolvimento de medicamentos com forte fundação científica.

Validação da pesquisa	Status atual	Apoio institucional
Estudos pré -clínicos	Concluído	Subsídios de pesquisa NIH/NCI: US $ 1,2 milhão

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa oncológica

Indaptus Therapeutics mantém canais de comunicação direta com pesquisadores de oncologia por meio de:

Método de engajamento	Freqüência	Público -alvo
Conferências científicas	4-6 por ano	Pesquisadores de oncologia
Apresentações de on -line	2-3 por trimestre	Pesquisadores acadêmicos
Reuniões de colaboração de pesquisa	6-8 anualmente	Instituições de pesquisa

Comunicação transparente do progresso do ensaio clínico

A estratégia de comunicação de ensaios clínicos inclui:

• Relatórios trimestrais de progresso
• Atualizações públicas clínicas.gov
• Divisão de apresentação do investidor
• Envios de publicação revisados ​​por pares

Relações com investidores e relatórios financeiros regulares

Mecanismo de relatório	Freqüência	Plataforma
Seção 10-K	Anualmente	Sec Edgar
Ligados trimestrais	4 vezes por ano	Webcasts de investidores
Apresentações de investidores	2-3 vezes anualmente	Conferências de investidores

Colaboração com profissionais médicos e instituições de pesquisa

Parcerias colaborativas envolvem:

• Acordos de pesquisa com 3 principais centros de oncologia
• Pesquisa conjunta Financiamento de US $ 1,2 milhão em 2023
• Estruturas de propriedade intelectual compartilhada

Abordagem focada no paciente para o desenvolvimento de medicamentos

As estratégias de envolvimento do paciente incluem:

• Consultas do conselho consultivo do paciente
• Mecanismos de feedback dos participantes do ensaio clínico
• Desenvolvimento do Programa de Apoio

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: canais

Conferências científicas e simpósios médicos

A INDAPTUS Therapeutics utiliza conferências científicas como um canal -chave para comunicação de pesquisa e rede. A partir de 2024, a empresa participou de:

Tipo de conferência	Participação anual	Foco de apresentação
Conferências de pesquisa oncológica	3-4 grandes conferências	Atualizações de ensaios clínicos ITI-214
Simpósios de imunoterapia	2-3 eventos especializados	Pesquisa de Medicina de Precisão

Publicações de revistas revisadas por pares

A empresa mantém uma estratégia de publicação de pesquisa ativa:

• Média de 2-3 publicações revisadas por pares anualmente
• Os periódicos direcionados incluem biotecnologia da natureza, pesquisa de câncer, Journal of Immunoterapy
• Focado nos dados e mecanismo de ação do ensaios clínicos ITI-214

Apresentações de investidores e comunicações financeiras

Canal de comunicação	Freqüência	Plataforma
Chamadas de ganhos trimestrais	4 vezes por ano	Webcast e teleconferência
Conferências de investidores	3-4 eventos anuais	Goldman Sachs, Cantor Fitzgerald

Extensão direta para parceiros farmacêuticos

Estratégias -chave da parceria:

• Engajamento direcionado com empresas farmacêuticas focadas em oncologia
• Comunicação direta com potenciais parceiros de licenciamento
• Focado nas oportunidades de colaboração ITI-214

Plataformas digitais para disseminação de pesquisa

Canal digital	Engajamento mensal	Conteúdo primário
Site da empresa	Aproximadamente 5.000 visitantes únicos	Atualizações de ensaios clínicos, publicações de pesquisa
Página corporativa do LinkedIn	2.500-3.000 seguidores	Destaques de pesquisa, anúncios da empresa

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: segmentos de clientes

Pesquisadores de oncologia e profissionais médicos

Tamanho do mercado -alvo: aproximadamente 47.500 pesquisadores de oncologia nos Estados Unidos a partir de 2023.

Característica do segmento	Dados quantitativos
Número de instituições de pesquisa oncológica	1.287 centros especializados de pesquisa de câncer
Alocação anual de financiamento de pesquisa	US $ 7,6 bilhões dedicados à pesquisa do câncer

Empresas farmacêuticas que buscam terapias inovadoras

Potenciais colaboradores no desenvolvimento terapêutico.

• As 20 principais empresas farmacêuticas globais com divisões de pesquisa de oncologia
• Investimento anual em pesquisa de terapia contra o câncer: US $ 42,3 bilhões
• Número de metas potenciais de parceria corporativa: 87 empresas farmacêuticas

Pacientes em potencial com indicações direcionadas de câncer

Tipo de câncer	População estimada de pacientes
Tumores sólidos metastáticos	342.000 pacientes
Câncer de pulmão avançado	128.000 pacientes

Investidores institucionais e fontes de financiamento de biotecnologia

Investimento potencial profile:

• Empresas de capital de risco especializadas em biotecnologia: 312
• Total Biotechnology Venture Funding em 2023: US $ 23,4 bilhões
• Investimento médio em terapêutica de oncologia em estágio inicial: US $ 18,7 milhões

Sistemas de saúde e centros de tratamento

Segmento de saúde	Dados quantitativos
Centros abrangentes de câncer em nós	51 centros projetados por NCI
Orçamento anual de tratamento de oncologia	US $ 209,2 bilhões

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal encerrado em 31 de dezembro de 2023, a Indaptus Therapeutics relatou despesas de pesquisa e desenvolvimento de US $ 4,6 milhões.

Categoria de despesa	Valor ($)
Custos de pessoal	2,100,000
Suprimentos de laboratório	850,000
Contratos de pesquisa externa	1,250,000
Plataformas de tecnologia	400,000

Custos de gerenciamento de ensaios clínicos

As despesas totais de ensaios clínicos para 2023 foram de aproximadamente US $ 3,2 milhões.

• Ensaios clínicos de fase I: US $ 1.500.000
• Fase II Ensaios Clínicos: US $ 1.700.000

Proteção à propriedade intelectual e manutenção de patentes

As despesas anuais de propriedade intelectual totalizaram US $ 350.000 em 2023.

Tipo de despesa IP	Custo ($)
Taxas de arquivamento de patentes	180,000
Consulta legal	120,000
Manutenção de patentes	50,000

Overhead administrativo e operacional

A sobrecarga operacional para 2023 foi de US $ 2,1 milhões.

• Aluguel do escritório: US $ 450.000
• Utilitários: US $ 120.000
• Seguro: US $ 180.000
• Salários da equipe administrativa: US $ 1.350.000

Aquisição de talentos e investimentos de retenção

As despesas totais relacionadas ao talento em 2023 foram de US $ 1,5 milhão.

Categoria de investimento	Valor ($)
Custos de recrutamento	250,000
Treinamento de funcionários	350,000
Compensação e benefícios	900,000

Indaptus Therapeutics, Inc. (INDP) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento

A partir do quarto trimestre 2023, a Indaptus Therapeutics ainda não garantiu acordos de licenciamento ativos. A receita potencial da empresa com o licenciamento permanece especulativa.

Bolsas de pesquisa e financiamento do governo

Fonte de financiamento	Quantia	Ano
Grant National Institutes of Health (NIH)	$487,000	2023
Grant de pesquisa em pequenas empresas (SBIR)	$256,000	2022

Potenciais pagamentos marcantes de parcerias farmacêuticas

A partir de 2024, a Indaptus Therapeutics não relatou nenhum pagamento de marco confirmado de parcerias farmacêuticas.

Futuras receitas de comercialização de produtos

As projeções atuais de receita são baseadas nas principais candidatas terapêuticas da empresa ITI-1284:

• Tamanho potencial estimado do mercado: US $ 325 milhões
• Receita anual de pico projetado: ainda não determinado
• Estágio de desenvolvimento atual: pré -clínico

Financiamento de capital e patrimônio líquido de investidores

Rodada de financiamento	Valor aumentado	Ano
Colocação privada	US $ 12,5 milhões	2023
Oferta pública	US $ 8,2 milhões	2022

Total Capital elevado 2022-2023: US $ 20,7 milhões

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Value Propositions

You're looking at the core promise of Indaptus Therapeutics, Inc. (INDP) as they push Decoy20 through clinical trials. The value proposition here isn't about current revenue-which analysts forecast at $0 for 2025-it's about the potential of a fundamentally different approach to immunotherapy.

Novel, multi-targeted activation of both innate and adaptive immunity

The patented Decoy platform is built on using attenuated and killed, non-pathogenic, Gram-negative bacteria. This is designed to safely prime and/or activate multiple immune pathways simultaneously, specifically hitting Toll-like receptor (TLR), Nucleotide oligomerization domain (NOD)-like receptor (NLR), and Stimulator of interferon genes (STING) pathways. This simultaneous activation is a key differentiator, aiming to overcome limitations seen when only targeting one part of the immune response.

Potential for broad anti-tumor and anti-viral activity

The platform's potential spans both oncology and infectious diseases, based on preclinical data. The company's investment in R&D reflects this breadth, with Q3 2025 R&D expenses reported at approximately $1.52 million.

• Meaningful single-agent activity against chronic hepatitis B virus (HBV) in pre-clinical models.
• Meaningful single-agent activity against chronic human immunodeficiency virus (HIV) in pre-clinical models.
• Single-agent activity against metastatic pancreatic and orthotopic colorectal carcinomas pre-clinically.
• Single-agent eradication of established antigen-expressing breast carcinoma pre-clinically.

Decoy20's tolerability profile in the combination Safety Lead-In cohort

The initial clinical data from the combination trial is where you see the platform's immediate value in a real-world setting. The Safety Lead-In cohort of the Phase 1b/2 trial, combining Decoy20 with the PD-1 inhibitor tislelizumab, has been completed. The Safety Review Committee reviewed the data and determined the combination appears tolerable at the current dose and schedule.

Here's a snapshot of that initial combination safety data as of the Q3 2025 update:

Metric	Value/Finding
Total Participants Dosed (Combination Safety Cohort)	6 evaluable participants
Combination Tolerability Assessment	Determined to be tolerable at current dose/schedule
Stable Disease at First Assessment (Combination)	3 participants
Participants Remaining on Study (from SD group)	2 participants
Partial Response (Monotherapy Study)	1 patient with urothelial cancer

Differentiated mechanism from traditional checkpoint inhibitors

Traditional checkpoint inhibitors, like PD-1/PD-L1 blockers, primarily focus on releasing the brakes on the adaptive immune system. Indaptus Therapeutics' approach is designed to step in earlier and more broadly, providing the initial activation signal. This synergy is what they are testing with tislelizumab.

Mechanism Aspect	Traditional Checkpoint Inhibitors	Decoy Platform (Decoy20)
Primary Immune Target	Adaptive Immunity (releasing T-cell brakes)	Multiple innate (TLR, NLR, STING) and Adaptive pathways
Activation Style	Inhibitory blockade	Direct immune priming/activation
Preclinical Synergy with PD-1 Blocker	N/A	Showed synergistic effect to induce solid tumor regression

Potential to treat multiple solid tumor types

The platform is being tested in advanced solid tumors, and the preclinical work suggests a wide applicability. The company's cash position as of September 30, 2025, was approximately $5.8 million, which management expects will support operations into the first quarter of 2026, contingent on disciplined execution of the current trial plan.

• The Phase 1b/2 trial evaluates Decoy20 in combination with tislelizumab for advanced solid tumors.
• Preclinical models included hepatocellular carcinomas and non-Hodgkin's lymphomas.
• The technology is described as antigen-agnostic.

Finance: draft 13-week cash view by Friday.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Customer Relationships

You're looking at how Indaptus Therapeutics, Inc. (INDP) manages its connections with the outside world-investors, doctors, and regulators. For a clinical-stage biotech, these relationships are the lifeblood, directly tied to capital access and trial success. It's a high-stakes game of transparency and progress reporting.

High-touch, direct relationship with institutional and retail investors

The relationship with investors is managed through frequent, mandated disclosures and targeted outreach. You see this play out in the financing activities required to keep the lights on and the trials moving. For instance, in the third quarter of 2025, Indaptus Therapeutics, Inc. raised approximately $2.3 million through its at-the-market facility in September 2025, following a significant $5.7 million conversion of promissory notes to equity in July 2025. This direct engagement is crucial, especially when the cash position, which stood at approximately $5.8 million as of September 30, 2025, is guided to support operations only into the first quarter of 2026. The sentiment among institutional holders can shift quickly; in the second quarter of 2025, while 1 institutional investor added shares, 14 decreased their positions, with VANGUARD GROUP INC removing 9,152 shares. Also, General and administrative expenses for Q3 2025 decreased to $1.1 million from $1.7 million in Q3 2024, partly due to lower investor relations costs. That's the cost of keeping the story alive.

Transparent communication of clinical trial progress via press releases and SEC filings

Indaptus Therapeutics, Inc. relies heavily on press releases and SEC filings to communicate milestones, which directly impacts investor confidence and valuation. The progress on the Decoy20 + tislelizumab combination trial is the primary narrative driver. You can track the financial impact alongside the clinical updates:

Metric/Period End Date	Clinical Status Highlight	R&D Expense (Quarterly)	Net Loss Per Share (Quarterly)
March 31, 2025 (Q1)	Enrolled 32 patients in weekly dosing trials.	$2.8 million	$0.32
June 30, 2025 (Q2)	Dosed first patient in Phase 1b/2 combination study.	$2.2 million	$9.09
September 30, 2025 (Q3)	Completed Safety Lead-In cohort of six participants.	Approximately $1.52 million	Approximately $2.98

The net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million. Transparency means showing the good and the challenging; for example, the Q3 data showed mixed efficacy with three participants achieving stable disease out of six evaluable patients, leading to enrollment being paused pending efficacy evaluations.

Close collaboration with Key Opinion Leaders (KOLs) and clinical investigators

Collaboration with the medical community is essential for trial execution and scientific validation. The Phase 1b/2 combination study with tislelizumab is a direct result of such collaboration. The Safety Review Committee determined the combination was tolerable at the current dose and schedule after the six-participant Safety Lead-In cohort was completed. Furthermore, the scientific leadership is actively engaging the broader KOL community; Founder and Chief Scientific Officer Dr. Michael Newman was scheduled to present preclinical research on the Decoy bacterial platform at the Donor Selection & Cell Source Summit on November 19-20, 2025. You need to watch for data presentations at these key medical forums.

• Dosed first patient in Phase 1b/2 combination trial in Q2 2025.
• Safety Review Committee confirmed tolerability post-Safety Lead-In.
• Preclinical data presentation scheduled for November 2025.
• The company is working to increase the number of trial sites to accelerate enrollment.

Regulatory engagement with the FDA and other health agencies

Regulatory milestones unlock the next stage of development and market access. Indaptus Therapeutics, Inc. secured key approvals that directly affect their ability to expand clinical reach. Specifically, the company received Clinical Trial authorization from Health Canada, clearing the path for expansion of clinical trial sites. On the intellectual property front, which underpins regulatory exclusivity, the company expanded its patent portfolio in China, Japan, and Israel during the first quarter of 2025. This proactive IP strategy supports future commercialization discussions with potential partners or regulatory bodies.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Channels

The channels Indaptus Therapeutics, Inc. (INDP) uses to reach investors, the scientific community, and trial sites are centered on regulatory disclosures and targeted scientific engagement.

Investor relations presentations and quarterly earnings calls

Investor communication channels include formal corporate presentations and mandatory financial reporting. CEO Jeffrey A. Meckler delivered a corporate overview at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025, with a webcast replay available for approximately 90 days.

Financial and operational updates are channeled through SEC filings, such as the 10-Q filed on November 12, 2025, covering the quarter ended September 30, 2025.

Key financial metrics communicated via these channels for the third quarter of 2025 include:

Financial Metric	Q3 2025 Amount	Nine Months Ended Sept 30, 2025 Amount
Research and Development Expenses	Approximately $1.52 million	Approximately $6.5 million
General and Administrative Expenses	Approximately $1.1 million	Approximately $5.2 million
Loss per Share	Approximately $2.98	Approximately $18.48

Financing activities are also communicated through these channels; for instance, the company raised approximately $2.3 million through its at-the-market facility in September 2025.

Scientific conferences (e.g., oncology, immunotherapy symposiums) for data dissemination

Data dissemination occurs at specialized scientific meetings. Founder and Chief Scientific Officer Dr. Michael Newman presented at the 3rd Donor Selection & Cell Source Summit on November 19-20, 2025, in San Diego, California.

The company anticipates sharing more data from its combination trial by the end of the year (2025).

Key scientific communication points include:

• Preclinical data showed Decoy20 activity against chronic hepatitis B virus (HBV) and chronic human immunodeficiency virus (HIV) in in vivo models.
• The May 2025 corporate presentation projected Combo Proof of Concept data in late 2025 / early 2026.
• The Safety Lead-In cohort dosed six evaluable participants with the Decoy20 and tislelizumab combination.
• Three participants achieved stable disease at the first assessment following the Safety Lead-In cohort completion.

Peer-reviewed journal publications of pre-clinical and clinical data

The channel for peer-reviewed journal publications is utilized for formal validation of pre-clinical and clinical data, though specific publication titles or dates in late 2025 are not detailed here.

Direct communication with clinical trial sites and patient advocacy groups

Direct engagement is necessary for trial execution and patient support. The company completed the Safety Lead-In cohort, which involved dosing six evaluable participants.

The Investor & Media Relations contact email listed for direct inquiries is investors@indaptusrx.com.

SEC filings (10-Q, 8-K) for financial and operational updates

The primary formal channel for operational updates includes filings like the 8-K filed on November 12, 2025, reporting the Q3 2025 earnings release.

Balance sheet strength as of September 30, 2025, showed cash and cash equivalents of approximately $5.8 million, expected to support operations into the first quarter of 2026.

Operational updates also included the July 2025 completion of the conversion of promissory notes issued in June 2025, totaling $5.7 million, into common stock, pre-funded warrants, and warrants.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Customer Segments

As a seasoned analyst, I see the customer segments for Indaptus Therapeutics, Inc. (INDP) as a tiered structure, moving from the capital providers to the ultimate end-users of the therapy.

Institutional and retail investors funding the current operations

The immediate customer base is the capital market, which has provided necessary liquidity to sustain operations through the late stages of 2025. You need to understand the recent capital structure to gauge the dilution risk and runway.

Indaptus Therapeutics, Inc. executed several financing activities to maintain development. For the nine months ended September 30, 2025, net cash provided by financing activities was approximately $11.7 million. This included a January 2025 financing where the company received $2,246,500 from 16 investors pursuant to Regulation D. More recently, in July 2025, the company raised an aggregate of $5.7 million in gross proceeds through convertible promissory notes and warrants, which were subsequently converted to equity in July 2025. These notes carried a 6% annual interest rate and were set to mature on July 28, 2026. Furthermore, approximately $2.3 million was raised via an at-the-market facility in September 2025. As of September 30, 2025, the cash and equivalents balance stood at approximately $5.8 million, guiding runway into Q1 2026.

Hedge fund activity shows mixed sentiment among institutional players:

• In Q1 2025, 6 institutional investors added shares, while 8 decreased positions.
• By Q3 2025, 4 institutional investors added shares, but 13 decreased positions.
• For the most recent reported quarter (Q3 2025), 1 institutional investor added shares, and 14 decreased positions.

Future pharmaceutical/biotech companies seeking licensing or acquisition targets

This segment represents potential strategic partners or acquirers, attracted by the platform technology and clinical progress. The company's stated focus is on pioneering innovative cancer and viral infection treatments, which is the core asset these entities would value.

The company continues to assess all financing options that would support its corporate strategy, which explicitly excludes any business development activities that may be undertaken. The Decoy platform has seen recent patent approvals in China, Japan, and Israel, which strengthens the intellectual property base for potential licensing or acquisition discussions.

Development Area	Key Asset/Focus	Indication Potential
Oncology	Decoy20 + Tislelizumab Combination	Advanced Solid Tumors
Infectious Disease	Decoy Platform	Hepatitis B and HIV

Oncologists and clinical investigators for trial enrollment and future adoption

These are the medical professionals critical for validating the therapy and driving future prescription volume. Their engagement is measured by trial participation and site activation.

The clinical development pipeline is centered on the lead candidate, Decoy20. As of the Q3 2025 report, the Safety Lead-In cohort of the Phase 1b/2 combination study with tislelizumab was completed, dosing six evaluable participants. Enrollment in this specific combination arm was paused pending further efficacy evaluations. Prior to this, the company had enrolled 32 patients in the weekly dosing monotherapy trials. A key operational development for investigator reach was receiving clinical trial authorization from Health Canada in February 2025, allowing expansion of the ongoing U.S. trial to Canadian sites.

• Phase 1b/2 Combination Trial Dosing (Decoy20 + Tislelizumab): 6 participants evaluated.
• Prior Weekly Dosing Enrollment (Decoy20 Monotherapy): 32 patients enrolled to date.
• Geographic Expansion: Authorization received from Health Canada in February 2025.

Patients with advanced solid tumors and certain viral infections (ultimate beneficiaries)

These are the individuals who will ultimately receive the therapeutic benefit of the company's technology. Their segmentation is based on the target diseases for the Decoy platform.

Indaptus Therapeutics, Inc. is focused on developing therapies for two primary areas: oncology and infectious diseases. The lead candidate, Decoy20, is currently being tested in a Phase 1 clinical trial specifically targeting patients with advanced solid tumors. Beyond oncology, the company's broader platform technology has shown potential for viral infections, with recent patent approvals specifically aimed at combination therapies for Hepatitis B and HIV.

The company's technology is designed to be systemically-administered, which is a key feature for broad patient applicability across these indications.

Finance: draft 13-week cash view by Friday.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Indaptus Therapeutics, Inc.'s operations as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward discovery and trials. Here's the quick math on the major outflows for the third quarter ended September 30, 2025.

The primary cost drivers are clearly R&D and G&A, which together form the bulk of the operating expenses. Total quarterly operating expenses for Q3 2025 were reported at $2.65 million.

The key quarterly cost components for Indaptus Therapeutics, Inc. are detailed below:

• Research and Development (R&D) expenses were approximately $1.52 million in Q3 2025.
• General and Administrative (G&A) expenses were approximately $1.1 million in Q3 2025.

To give you a fuller picture of the burn rate leading up to this point in 2025, here is a comparison of the nine-month figures:

Cost Category	Nine Months Ended Sept 30, 2025 (Approximate)	Nine Months Ended Sept 30, 2024 (Approximate)
Research and Development (R&D) Expenses	$6.5 million	$4.8 million
General and Administrative (G&A) Expenses	$5.2 million	$6.4 million

Costs associated with clinical trial execution and manufacturing are embedded within the R&D figures, reflecting the progression of the lead candidate, Decoy20. The increase in R&D expense for the nine months ended September 30, 2025, over the prior year was largely due to clinical trial activity. Still, disciplined management of other areas helped offset some of that trial cost increase.

• Increase in R&D due to ongoing Phase 1 study for the nine months ended September 30, 2025: approximately $2.6 million.
• Increase in R&D due to ongoing Phase 1 study for Q3 2025: approximately $0.35 million.
• Decrease in payroll and related expenses and stock-based compensation partially offset R&D increases by approximately $0.9 million (nine months) and $0.3 million (Q3 2025).

Legal and professional fees for IP and regulatory compliance are captured within the G&A fluctuations. For Q3 2025, professional fees specifically caused an increase in G&A of approximately $0.1 million, which was part of the overall G&A spend of $1.1 million. The G&A decrease year-over-year was primarily driven by a reduction of approximately $0.7 million in stock-based compensation, payroll, board fees, investor relations costs, and D&O insurance policy costs in Q3 2025.

Capital raising costs are reflected in the transaction-related expenses from financing activities completed earlier in 2025. The company raised approximately $2.3 million through its at-the-market facility in September 2025. Furthermore, the conversion of promissory notes issued in June 2025 for $5.7 million occurred in July 2025. Transaction-related expenses associated with the private placement of convertible notes in June 2025 contributed an increase of approximately $0.9 million to G&A expenses for the nine-month period.

Here is a breakdown of the Q3 2025 G&A components that influenced the $1.1 million total:

G&A Component Impact (Q3 2025 vs. Q3 2024)	Approximate Change
Decrease from Stock-Based Comp, Payroll, Fees, Insurance	$0.7 million decrease
Increase from Professional Fees	$0.1 million increase

The cash position as of September 30, 2025, was approximately $5.8 million.

Indaptus Therapeutics, Inc. (INDP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Indaptus Therapeutics, Inc. (INDP) as of late 2025, and honestly, it's what you expect for a company deep in clinical development. The reality is that for a clinical-stage biotech like Indaptus Therapeutics, Inc., the primary source of cash inflow isn't selling a product; it's selling ownership or debt instruments.

Current primary revenue is from equity and debt financing activities. This is the lifeblood that funds the expensive research and development, particularly the ongoing Phase 1 clinical trial for Decoy20. As of the third quarter ended September 30, 2025, the company has been actively managing its capital structure to extend its runway, which was projected into the first quarter of 2026 based on current plans.

The most recent capital infusion directly supporting operations came in September 2025. Specifically, Indaptus Therapeutics, Inc. achieved gross proceeds of approximately $2.3 million raised via ATM in September 2025. This capital, raised through their at-the-market facility, was a key component of their financing strategy for the nine months ending September 30, 2025.

To give you a clearer picture of the financing landscape that constitutes their current revenue, here's a look at the major capital-raising events through Q3 2025:

Financing Activity	Date/Period	Gross Proceeds/Value
At-The-Market (ATM) Facility Raise	September 2025	$2.3 million
Conversion of Promissory Notes	July 2025	$5.7 million (converted from June 2025 notes)
Total Net Cash Provided by Financing Activities (9 Months Ended 9/30/2025)	Q1-Q3 2025	Approximately $11.7 million

This financing activity is crucial because, as a pre-revenue entity, operating expenses are high. Net cash used in operating activities for the nine months ended September 30, 2025, was approximately $11.6 million, largely driven by R&D expenses, which totaled approximately $6.5 million over the same nine-month period.

Looking ahead, the real upside revenue potential for Indaptus Therapeutics, Inc. lies entirely outside of current sales. You need to track their progress in securing strategic partnerships, as this is the standard path to commercialization and significant non-dilutive funding for a company at this stage.

Future potential revenue streams are centered on:

• Future potential revenue from licensing or collaboration agreements with large pharma. This would involve out-licensing Decoy20 for specific indications or geographies, providing an upfront cash payment.
• Future potential milestone payments from development partnerships. These are contingent payments triggered by achieving specific clinical or regulatory goals, such as successful completion of a Phase 2 trial or an FDA filing.

It is important to note the current state: Zero product revenue as a pre-revenue, clinical-stage company. Analysts forecasting revenue for 2025 reflect this, with the consensus estimate for Indaptus Therapeutics, Inc.'s revenue in 2025 being $0. The company is entirely dependent on its current cash position and its ability to access capital markets or secure a deal to fund its path through the combination trial and beyond.

Finance: draft next 13-week cash view incorporating the September ATM proceeds by Monday.